Shams H1 2023 profit rises to SAR 3.1 mln, Q2 at SAR 1 mln

10/08/2023 Argaam Exclusive

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Tourism Enterprise Co. (Shams) reported a net profit of SAR 3.1 million in the first half of 2023, up from SAR 156,000 in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	4.73	4.68	(1.0 %)
Gross Income	0.27	(1.05)	(488.5 %)
Operating Income	0.26	(10.38)	(4153.2 %)
Net Income	0.16	3.07	1865.6 %
Average Shares	677.40	1,156.47	70.7 %
EPS (Halala)	0.02	0.27	1051.3 %

The profit was driven by an increase in other income, which resulted from investing the available cash, despite the SAR 4.5 million hike in the provisions for debit balances.

The company recorded a profit of SAR 1.01 million in Q2 2023, up from SAR 70,000 in the corresponding period of 2022.

Sequentially, the company’s net profit fell 50.6% from SAR 2.05 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	2.48	2.95	18.8 %
Gross Income	0.04	(0.60)	(1721.6 %)
Operating Income	0.13	(7.72)	(6131.7 %)
Net Income	0.07	1.01	1390.1 %
Average Shares	677.40	1,156.47	70.7 %
EPS (Halala)	0.01	0.09	772.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	1.60	2.95	84.1 %
Gross Income	(0.66)	(0.60)	9.5 %
Operating Income	(2.79)	(7.72)	(176.7 %)
Net Income	2.05	1.01	(50.6 %)
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.18	0.09	(50.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 553.81 million by the end of the six-month period, from SAR 55.53 million in the prior-year period.

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